Piper Jaffray Downgrades Zions Bancorp (ZION) to Neutral
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Piper Jaffray downgraded Zions Bancorp (NASDAQ: ZION) from Overweight to Neutral with a price target of $32.00 (from $30.00).
Analyst Kevin Barker commented, "We are lowering our rating on ZION to Neutral from Overweight after the stock rallied 30% from July lows and is now trading at a 10% premium to the peer group on forward earnings. We recently upgraded ZION to Overweight when the stock was trading at a significant discount to peers while the market was assessing the potential impact from the Brexit vote. As the market recovered, ZION re-rated and is now trading at 13.8x FY17E EPS vs. peers trading at 12.5x. Considering the premium valuation and ZION's position as one of the most asset sensitive banks, we believe the market is now pricing in a move in rates by the Fed and/or some benefit from the recent changes to CCAR."
Shares of Zions Bancorp closed at $31.73 yesterday.
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